New sales tracking data has revealed that New Jersey’s adult-use market has shown solid performance, with monthly sales growth outpacing that of other, more established adult-use markets.
Despite having one of the lowest per capita retail counts of any adult-use market, New Jersey has seen a strong start to 2022.
BDSA – a provider of retail sales data for the cannabis industry – has launched its Retail Sales Tracking of the New Jersey cannabis market, showing that the state brought in approximately $200m (~£172.57m) in legal sales from 21 April to 31 July.
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Dollar sales have seen a compound monthly growth rate of roughly 10 per cent from May through July 2022, compared to Illinois, which posted a compound monthly growth rate of just 3 per cent in its first three full months of adult-use sales.
CEO of BDSA, Roy Bingham, commented: “Although it has faced an abundance of regulatory challenges, New Jersey’s cannabis market has remained strong, seeing impressive growth this year.
“Strong consumer participation could be a factor in the sales growth, which is even more impressive considering the current macroeconomic situation and limited legal access in the state.”
BDSA Consumer Insights shows that over 50 per cent of those surveyed in New Jersey claim to be past six-month consumers, an approximate 15 per cent increase in consumer penetration since Spring 2020.
According to BDSA, as one of the first adult-use markets in the Northeast region, New Jersey’s market has likely been the beneficiary of cross-border buying from other consumers in the Tri-State area, as New York and Connecticut consumers are still awaiting legal access in their respective states.
The data shows that flower has held a higher share of unit and dollar sales in the state than in other mature markets. Flower typically holds a 40 per cent share of dollar sales in other markets, but made up over 50 per cent of monthly dollar sales and roughly 45 per cent of monthly package unit sales in July 2022.
Another significant difference in category sales is apparent in the concentrate sector, with dabbable concentrates making up roughly 2 per cent of dollar sales in July 2022, compared to the 5 per cent to 15 per cent share that dabbables hold in more mature markets.
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